OPEN-SOURCE SCRIPT
Updated First Candle Low Break Signal
Theory: If the SPY (or anything really) starts the day with a green candle, it never breaks below that candle on that day.
This indicator was quickly made to check that theory with some interesting results.
Requirement: The Symbol must be set to "extended trading hours", otherwise the script cannot see the changes between days.
This indicator was quickly made to check that theory with some interesting results.
Requirement: The Symbol must be set to "extended trading hours", otherwise the script cannot see the changes between days.
Release Notes
The Indicator can now check for the following conditions: - first bar of the day = green => will it get broken to the downside over the day?
- first bar of the day = red => will get broken to the upside?
- first bar of the day = green => will the day will close to the upside overall?
- first bar of the day = red => will the day close generally to the downside?
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.